The Income Tax Department has conducted raids against some Chinese citizens and their Indian colleagues, in which hawala transactions worth more than Rs 1000 crore have been detected. After the intelligence, the Income Tax Department conducted raids in Delhi-NCR.
According to the information being received, money laundering was being done through shell companies. Many Chinese citizens, their Indian associates, and bank employees were involved in this racket. The Central Board of Direct Taxes (CBDT) gave this information on Tuesday evening.
The Income Tax Department has conducted raids at 21 locations in Delhi, Ghaziabad and Gurugram. However, the name of the companies has not yet been made public by the CBDT. CBDT said that documents of hawala transactions and money laundering have been recovered in the raids.
In fact, preliminary investigation revealed hawala business worth Rs 300 crore. But this figure is more than 1000 crores rupees. This means that there will be many big revelations in this investigation. Investigation of the Income Tax Department has revealed that on the orders of Chinese citizens, more than Rs 1000 crore was deposited in more than 40 bank accounts of fake companies.
CBDT has said that subsidiaries and related people of Chinese companies have taken an advance of about 100 crores from shell companies in the name of doing fake business in India. Hong Kong and US dollars were used in the transaction.
News Source: IndiaTvNews
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